Financially strapped oil producers are spending billions to boost production before it’s clear that recent crude price gains brought on by OPEC output cuts can be sustained. Five of the largest publicly traded oil companies – BP, Chevron, Exxon Mobil, Royal Dutch Shell, and Total – are trying to work down debts that totaled $297 billion at the end of December. That nearly doubled the companies’ 2012 debt levels. But even with oil prices about 70 percent higher than a year ago, most companies have yet to reach the point where their cash flow covers annual shareholder payouts and expansion projects vital to the industry’s long-term survival. Add other expenses, such as the interest on debt, and the break-even point is pushed out until at least 2020, […]